S&P 500 closes at record high above 7,000

US stocks rose on Wednesday, with the S&P 500 posting a new record closing above 7,000, amid cautious optimism among investors over a potential end to the conflict with Iran, while sentiment remained tempered by the continued closure of the Strait of Hormuz.

The Dow Jones Industrial Average edged down 0.15%, or 72 points, to close at 48,463 points, pressured by concerns over the prolonged impact of the oil shock on the global economy.

The S&P 500 climbed 0.80%, or 55 points, to end at 7,022 points, marking a new record close and extending its winning streak to 11 consecutive sessions.

Meanwhile, the Nasdaq Composite increased 1.60%, or 376 points, to 24,016 points, closing at a record high and posting gains for the eleventh consecutive session.

In Europe, the Stoxx Europe 600 index shed 0.43% to 617 points amid mixed sector performance.

The UK’s FTSE 100 inched down 0.47% to 10,559 points, and France’s CAC 40 lost 0.64% to 8,274 points, while Germany’s DAX remained stable at 24,066 points.

Japan’s Nikkei added 0.44% to 58,134 points, while the broader Topix index increased 0.40% to 3,770 points.

In oil markets, Brent crude futures for June delivery gained 0.15%, or $0.14, to $94.93 per barrel.

US Nymex crude futures for May delivery remained unchanged at $91.29 per barrel.

As for gold, futures for June delivery fell 0.54%, or $26.50, to $4,823.6 per ounce.

US President Donald Trump reiterated that the war with Iran is nearing an end, signaling the likelihood of reaching a lasting peace agreement with Tehran before the end of the current month, which boosted investors’ risk appetite and eased concerns over escalating inflationary pressures.